Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Construct a mixed-use development with retail, affordable and market rate housing, and parking.
Entity Name: Springfield Renaissance, LLC
Entity Address: 35 James Street, Newark, New Jersey 07102
Sale Amount: $43,272.92
Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $275,000.00
Appraised Amount: $0.00
Contract Period: To be commenced within 3 months and be completed within 18 months from the transfer of ownership by the City
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
(X) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
8 Livingston Street/Block 2520/Lot 60/Central Ward
6 Livingston Street/Block 2520/Lot 61/Central Ward
247-251 Springfield Avenue/Block 2520/Lot 62/Central Ward
Additional Information:
Total Square Footage = 10,818.23. X $4.00 = $43,272.92
Sale Price as set forth by Ordinance 6S&Fh adopted on April 7, 2004 establishing the minimum sale price of City-owned property.
body
WHEREAS, the purpose of this resolution is to approve the sale and rehabilitation of the following City-owned Properties located in the Central Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SIZE SQ. FEET
8 Livingston Street Central 2520 60 25X100 2,500.
6 Livingston Street Central 2520 61 25X100 2,500.
247-251 Springfield Avenue Central 2520 62 89.1X65.3 5,818.23
Total Square Footage: 10,818.23
Total Purchase Price: $43,272.92 ($4.00 per sf); and
WHEREAS, the City of Newark has determined that the above re...
Click here for full text